Breaking News Emails
The growing income gap is one of the top economic concerns for American millionaires, topping terrorism and the budget deficit, according to a new study.
Fully 77 percent of Americans with investible assets of $1 million or more cited the "increasing income gap between poor and wealthy Americans" as a top economic concern, according to a new study from Morgan Stanley. That was topped only by "increased foreign conflicts (at 88 percent)," according to the study. The government budget deficit ranked third (75 percent), followed by terrorism.
The results are consistent with other surveys, and reflect a growing consensus among both rich and poor, Democrats and Republicans, that two-speed recovery has helped the wealthy while the rest of America is still struggling with low wage growth. For the study, Morgan Stanley polled more than 300 millionaires, with investible assets of $1 million or more. The poll was conducted between October and December of 2014.
- Richest 1% May Own Half of Global Wealth by 2016
- 'Enormous Increase' in Global Inequality: OECD
- America's Middle Class Feeling Worse Off, Pessimistic
-- Robert Frank, CNBC